Starts Corporation Inc. · TSE:8850

Starts — FY2015 Earnings Presentation

34 slides from Starts's earnings presentation, May 19, 2015

1. Slide 1: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved

2. Slide 2: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 1

3. Slide 3: Group companies

   Starts Guam Golf Resort Inc. Starts International Hawaii Inc. Starts Pacific Inc. 1 Copyright 2015 Starts Corporation Inc. All Rights Reserved 2

4. Slide 4: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 3

5. Slide 5: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 4

6. Slide 6: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 5

7. Slide 7: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   Copyright 2015 Starts Corporation Inc. All Rights Reserved 6

8. Slide 8: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   2.3 1.4% 7.0 4.2% 1.7 1.0% 2.0 1.2% 8.0 7.0 4.7% 4.7% 1.0 0.6% Copyright 2015 Starts Corporation Inc. All Rights Reserved 7

9. Slide 9: Copyright 2015 Starts Corporation Inc. All Rights Reserved

   2015 3 2015 3 2014 3 152,000 156,752 151,033 +5,718 3.8% +4,752 3.1% 16,300 16,440 16,037 +403 2.5% +140 0.9% 15,600 16,377 16,179 +197 1.2% +777 5.0% 10,000 10,657 8,100 2,556 31.6% +657 6.6% 195.32 207.45 169.28 +38.17 22.5% +12.13 6.2% Copyright 2015 Starts Corporation Inc. All Rights Reserved 8

10. Slide 10: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    51,191 5,540 4,652 60,075 13,968 3,484 51,181 5,335 4,875 57,026 12,332 3,757 +9 +204 222 +3,048 +1,636 273 12,514 3,225 2,098 156,752 156,752 11,577 3,037 1,908 151,033 151,033 +936 +187 +190 +5,718 +5,718 Copyright 2015 Starts Corporation Inc. All Rights Reserved 9

11. Slide 11: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    5,201 1,634 1,339 6,394 78 239 5,439 1,701 1,488 5,315 200 449 238 67 148 +1,078 +121 210 1,127 701 174 16,732 291 16,440 1,104 609 216 16,125 88 16,037 +22 +91 42 +607 203 +403 Copyright 2015 Starts Corporation Inc. All Rights Reserved 10

12. Slide 12: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 11

13. Slide 13: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    60,000 8,000 7,000 50,000 6,000 40,000 5,000 30,000 4,000 3,000 20,000 2,000 10,000 1,000 0 0 13/3 14/3 15/3 16/3 17/3 42,194 51,181 51,191 51,700 57,000 4,364 5,439 5,201 4,400 5,100 Copyright 2015 Starts Corporation Inc. All Rights Reserved 12

14. Slide 14: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    70,000 50,449 40,239 54,756 52,554 54,000 60,000 60,000 7,000 50,000 5,621 6,000 10,302 16,358 40,000 5,056 30,000 49,500 43,888 44,600 20,000 37,304 36,056 32,387 10,000 0 2,842 2,794 2,342 3,044 3,400 3,500 12/3 13/3 14/3 15/3 16/3 17/3 90,000 70,258 68,303 71,878 73,241 75,540 78,540 80,000 9,000

15. Slide 15: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    ⽉ Copyright 2015 Starts Corporation Inc. All Rights Reserved 14

16. Slide 16: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 15

17. Slide 17: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    7,000 2,500 6,000 2,000 5,000 4,000 1,500 3,000 1,000 2,000 500 1,000 0 0 13/3 14/3 15/3 16/3 17/3 5,368 5,335 5,540 5,800 6,200 1,657 1,701 1,634 1,700 1,800 6,000 2,500 5,000 2,000 4,000 1,500 3,000 1,000 2,000 1,000 500 0 0 13/3 14/3 15/3 16/3 17/3 4,282 4,875 4,652 4,800 5,200 1,152 1,488 1,339

18. Slide 18: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 17

19. Slide 19: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    600,000 3,873 3,663 500,000 78,000 3,486 70,000 3,363 62,726 3,333 60,838 400,000 118,000 3,071 55,087 114,000 3,185 110,792 49,637 108,325 41,592 105,588 300,000 103,341 102,196 200,000 330,000 345,000 300,831 277,780 259,908 220,648 100,000 199,206 0 11/3 12/3 13/3 14/3 15/3 16/3 17/3 24 Copyright

20. Slide 20: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    11,000 140,000 10,500 10,337 9,652 9,304 5,703 120,000 3,560 41,400 37,400 34,013 34,353 30,863 100,000 27,151 27,936 80,000 60,000 87,232 88,135 89,189 90,000 90,500 85,320 85,707 40,000 20,000 0 11/3 12/3 13/3 14/3 15/3 16/3 17/3 Copyright 2015 Starts Corporation Inc. All Rights Reserved 19

21. Slide 21: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    80,000 8,000 70,000 7,000 60,000 6,000 50,000 5,000 40,000 4,000 30,000 3,000 20,000 2,000 10,000 1,000 0 0 13/3 14/3 15/3 16/3 17/3 54,035 57,026 60,075 64,000 69,000 5,405 5,315 6,394 6,500 6,900 Copyright 2015 Starts Corporation Inc. All Rights Reserved 20

22. Slide 22: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    14/03 5,928 1,054 15/03 6,034 1,123 0 2,000 4,000 6,000 8,000 14/03 10,766 6,416 15/03 10,547 6,690 0 5,000 10,000 15,000 20,000 14/03 24,792 8,068 15/03 27,337 8,341 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Copyright 2015 Starts Corporation Inc. All Rights Reserved 21

23. Slide 23: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    茨 Copyright 2015 Starts Corporation Inc. All Rights Reserved 22

24. Slide 24: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    500 4,200 4,000 400 3,800 300 3,600 200 3,400 100 3,200 3,000 0 13/3 14/3 15/3 16/3 17/3 ( 3,783 3,757 3,484 3,700 4,000 394 449 239 250 300 4,000 1,000 3,500 800 3,000 2,500 600 2,000 1,500 400 1,000 200 500 0 0 13/3 14/3 15/3 16/3 17/3 ( 2,756 3,037 3,225 3,400 3,600 725 609 701 800 900 Copyright

25. Slide 25: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    16,000 1,600 14,000 1,400 12,000 1,200 10,000 1,000 8,000 800 6,000 600 4,000 400 2,000 200 0 0 13/3 14/3 15/3 16/3 17/3 ( 9,265 11,577 12,514 13,100 14,000 655 1,104 1,127 800 900 葛 Copyright 2015 Starts Corporation Inc. All Rights Reserved 24

26. Slide 26: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    2,400 250 200 2,200 150 2,000 100 1,800 50 1,600 0 13/3 14/3 15/3 16/3 17/3 1,921 1,908 2,098 1,900 2,200 228 216 174 100 150 16,000 1,500 14,000 1,000 12,000 500 , 10,000 0 8,000 △ 500 6,000 , △ 1,000 4,000 2,000 △ 1,500 0 △ 2,000 13/3 14/3 15/3 16/3 17/3 4,753 12,332 13,968 13,600 3,800 葛 △ 1,888

27. Slide 27: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    600 1,800 1,650 1,620 1,567 1,510 1,600 500 480 1,283 450 1,400 436 1,202 1,122 1,177 416 400 1,200 363 334 342 309 1,000 300 800 164 170 175 200 160 600 161 163 165 170 124 109 121 400 82 98 106 100 94 96 100 88 81 70 200 43 33 19 20 0 0 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 Copyright 2015 Starts

28. Slide 28: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    1,800 190 1.5 22 170 1 9 1,600 19 36 8 20 34 1 9 32 140 2 7 8 19 131 6 2 3 0.5 30 125 150 11 1,400 37 40 11 13 115 38 2 34 4 37 136 139 130 123 1,200 69 110 53 63 65 1,000 690 640 570 600 90 800 14 17 13 70 15 52 17 600 48 46 48 62 16 18 53 55 58 50 17 400 30 570 54 52 51 511 511 517 44 200 10 △2 △

29. Slide 29: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    2015 3 2014 3 2014 3 捗 Copyright 2015 Starts Corporation Inc. All Rights Reserved 28

30. Slide 30: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    2,200 40.0 2,000 1,900 1,900 35.0 1,789 34.0 1,800 1,725 32.0 30.1 30.0 1,600 1,453 1,400 1,302 1,330 25.0 1,200 20.8 20.0 18.2 20.0 1,000 16.5 782 15.0 800 738 694 700 680 660 656 665 608 600 538 10.0 400 358 291 215 242 5.0 200 0 0.0 11/3 12/3 13/3 14/3 15/3 16/3 17/3 % % Copyright 2015 Starts Cor

31. Slide 31: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    50 2,370 2,370 2,500 45 40 2,000 35 1,627 22 22 30 1,500 25 1,148 18 20 861 4 1,000 15 669 14 10 10 22 500 18 8 16 5 8 10 6 0 0 11/3 12/3 13/3 14/3 15/3 16/3 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 16/3 11/3 12/3 13/3 14/3 15/3 32.2% 25.6% 26.7% 20.1% 21.2% 24.0% Copyright 2015 Starts Corporation Inc. A

32. Slide 32: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Copyright 2015 Starts Corporation Inc. All Rights Reserved 31

33. Slide 33: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    Photo : K.MIURA Copyright 2015 Starts Corporation Inc. All Rights Reserved 32

34. Slide 34: Copyright 2015 Starts Corporation Inc. All Rights Reserved

    03-6202-0111 Copyright 2015 Starts Corporation Inc. All Rights Reserved 33

Starts — FY2015 Earnings Presentation on 6ix